Harley Manning wrote an eye-opening blog yesterday that all CX or VoC professionals should read. Here’s the link: https://go.forrester.com/blogs/theres-just-one-cx-metric-that-matters-to-your-c-suite-but-youre-not-reporting-it/
I won’t attempt to paraphrase Harley’s entire blog, but the key takeaway for me was his point that CX programs MUST be measured in DOLLARS. While NPS, CSAT and other survey-centric measurements are nice, the only metric that matters to senior executives, and the whole raison d’etre of a CX or VoC program, is profitability – top-line growth and cost reduction.
We’re all familiar with the challenges of survey programs; decreasing take rates, leading questions, and sparse verbatim comments make it difficult to find truly actionable insights to drive profit. So where do CX or VoC teams find those insights?
At Topbox, we’ve written several blogs and white papers about the need to listen to customers across each of the ever-growing lists of channels that companies are offering to their customers for communication. Hidden in your server farms are millions of call recordings, chat transcripts, emails, SMS messages, social posts, product reviews and more. In aggregate, that data set represents nearly everything you’d ever want to know about how your customers think and feel, as well as what they want and need. But the harsh reality is that most companies don’t know how to get to that pay dirt. At best, they are doing single-channel analysis within different silos of the organization. However, new technology like Topbox provides the ability to aggregate and curate all that rich data for deep, profit-driving analysis.
As Harley points out, it may seem hard to connect the dots from customer friction point discovery to hard dollars. Here’s one small example of how easy it can be if you’re listening everywhere customers talk about your company.
Back in September, one of our Topbox clients was alerted to an issue through our anomaly detection module that exposed a 500% spike in promotion related contacts. Using our Discovery module, they quickly pinpointed the root cause which was a new promotion for loyalty program members that didn’t articulate that certain products were excluded from the promo. Fortunately, our client was able to move quickly to communicate the exclusions to their members before it created more aggravation for that critically important cohort of customers. Knowing the lifetime value of these members, the marketing team could easily compute the risk of not reacting quickly to the issue. Big dollars were at stake, and the problem was resolved. This issue was exposed in phone calls and chats. Imagine having to wait for survey data to spot it and then take action!
Want to inspire your C-Suite and ensure the long-term viability of your CX program (if you haven’t seen Forrester’s 2020 predictions for CX, you should!)? Generate profit-driving insights from the mountain of contextually rich customer feedback that’s within your reach today.